BP’s profit swells. Output highest since 2010

British oil major BP reported a rise in both fourth quarter and full year profits of 2018.

The company said on Tuesday its underlying replacement cost profit for the full year 2018 was $12.7 billion, more than double that reported for 2017.

The fourth quarter underlying replacement cost profit result was $3.5 billion, compared to $2.1 billion in the fourth quarter of 2017. The quarterly result was driven by the strong operating performance across all business segments, BP said.

Reported oil and gas production averaged 3.7 million barrels of oil equivalent a day for 2018. Upstream underlying production, which excludes Rosneft, was 8.2% higher than in 2017.

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